Cobalt Blue Holdings Ltd (ASX:COB) expects to make an announcement within the next few days concerning the Independent Expert Determination process in the dispute with Broken Hill Prospecting Ltd (ASX:BPL).
Accordingly, the ASX has granted Cobalt Blue a trading halt.
The halt will remain in place until Monday, December 2, 2019, of when an announcement is released to the market, whichever occurs earliest.
Cobalt Blue has a market cap of approximately $20.2 million and its securities last traded at 14 cents after reaching 18.5 cents in early September.
Dream “in sight”
Chairman Rob Biancardi told this week’s AGM that the company’s dream of a 20-year world-scale operation based on the Broken Hill Cobalt Project and incorporating the company’s treatment technology remained in sight.
He told shareholders that the future for cobalt, the project and the technology remained bright with the rapidly evolving battery market demanding cobalt as a key precursor ingredient.
“Our view remains, that despite the current lull in the cobalt price, the business will continue to progress the core Broken Hill Cobalt Project as well as commercialisation of our intellectual property.
“Marking time, whilst temporary conditions are challenging, is simply not in our DNA.”